Toronto-headquartered PharmaCielo agreed to purchase Creso Pharma, an Australian-traded cannabis oil producer, for 122 million Australian dollars ($85 million).
PharmaCielo is the parent of PharmaCielo Colombia Holdings, a producer of medical cannabis oils in Colombia.
Creso Pharma is a medical cannabis company specializing in the research, development and production of therapeutic, nutraceutical and animal health products, mainly in Switzerland, with cultivation facilities in Canada, Colombia and Israel.
Its products are sold in 13 countries.
More details on the acquisition, which is expected to close in September, can be found here.
PharmaCielo trades on the Toronto Venture Stock Exchange under the ticker symbol PCLO.
Creso Pharma trades on the Australian Securities Exchange as CPH.
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